The core inflation rate, which strips away gasoline and other volatile sectors, was 3.2 per cent.
“It’s a much milder reading than expected, especially given the high-side surprise seen in last week’s round of U.S. inflation reports,” wrote Douglas Porter, chief economist at Bank of Montreal, in a note.
“But clearly today’s result makes rate cuts much more plausible in coming months, and we remain comfortable with our call that the Bank [of Canada] will begin trimming [interest rates] in June,” he wrote.
While groceries are still getting more expensive, prices grew at a slower rate in January, StatsCan said.
Meat, dairy products, fresh fruit and baked goods were among the basket items that helped bring the food inflation rate down to 3.4 per cent.
Soup, bacon, shrimps and prawns saw year-over-year price declines in January.
The original article contains 338 words, the summary contains 132 words. Saved 61%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The core inflation rate, which strips away gasoline and other volatile sectors, was 3.2 per cent.
“It’s a much milder reading than expected, especially given the high-side surprise seen in last week’s round of U.S. inflation reports,” wrote Douglas Porter, chief economist at Bank of Montreal, in a note.
“But clearly today’s result makes rate cuts much more plausible in coming months, and we remain comfortable with our call that the Bank [of Canada] will begin trimming [interest rates] in June,” he wrote.
While groceries are still getting more expensive, prices grew at a slower rate in January, StatsCan said.
Meat, dairy products, fresh fruit and baked goods were among the basket items that helped bring the food inflation rate down to 3.4 per cent.
Soup, bacon, shrimps and prawns saw year-over-year price declines in January.
The original article contains 338 words, the summary contains 132 words. Saved 61%. I’m a bot and I’m open source!